Garmin Sales Pick-up against Rival Company-TomTom

Garmin Ltd (GRMN) announced today it has ended a takeover battle with competitor TomTom over Tele Atlas, a supplier of mapping data. The navigation device maker also said it will renew an existing contract to buy mapping from Navteq. The company opened at 107.82. So far today, the stock has hit a low of 106.08 and a high of 108.53. GRMN is now trading at 107.08, up 2.29 (2.13%). The stock hit its 52 week high of 125.68 in October and set its 52 week low of 48.46 in January. Technical indicators for the stock are bearish but improving while S&P gives GRMN a positive 4 STARS (out of 5) buy rating. For those who would be interested in a hedge play on this stock, January should be considered a bull-put credit spread below the $80 range. Although, GRMN stock could fall up to 25.3% before expiration, this position would still be profitable enough.